In over 70 countries today domestic payments reach their destination in seconds at near-zero cost to the sender or recipient. This is thanks to the growing availability of instant payment systems (IPS). Connecting these IPS to each other can enable cross-border payments from sender to recipient within 60 seconds (in most cases).
Project Nexus aims to improve the speed, cost, transparency of, and access to, cross-border payments by connecting multiple domestic instant payment systems (IPS) globally in a standardised way. Rather than a payment system operator building custom connections for every new country that it connects to, the operator can make one connection to a single platform. This single connection allows a fast payments system to reach all other countries on the network. This would significantly accelerate the growth of instant cross-border payments.
The BIS Innovation Hub Singapore Centre commenced the project in 2022 with central bank partners. Through successful phases, the project delivered a proof-of-concept, prototype, and, in July 2024, a comprehensive scheme and governance framework, commercial model and technology blueprint.
In 2025, the central banks of India, Indonesia, Malaysia, the Philippines, Singapore and Thailand incorporated a new legal entity, Nexus Global Payments (NGP), to bring Nexus to live implementation. The BIS has handed over the project to Nexus Global Payments.
Project reports
Related information
Project Nexus: Governors see potential to enable instant cross-border payments
Project Nexus aims to connect domestic instant payment systems to improve the speed, cost, transparency of and access to cross-border payments. The BIS Innovation Hub is now working with the central banks of India, Malaysia, the Philippines, Singapore and Thailand as they work towards live implementation of Nexus. Read the full report here.